Member Article

North East shopping centre acquired for £12m

A North East shopping has become the first acquisition for a recently formed joint venture between Bridges Ventures, a specialist fund manager and Ellandi, a dedicated investment manager, who will build a portfolio of community shopping centres in the coming months.

The partners, the Bridges Property Alternatives Fund III, have acquired Parkway Shopping Centre, Coulby Newham, Teesside - bought for £12.2m. The freehold investment comprises a 117,000 sq ft Tesco Extra, and a covered mall of over 93,000 sq ft anchored by Iceland, Peacocks, Home Bargains and Boots.

The partners will look to redevelop the site to add environmental features where possible, in order to reduce emissions and cut operating costs for tenants.

Peter Bowden, managing partner, Knight Frank, who have been appointed as property managers, says both Ellandi and Bridges Ventures have similar core values in that returns should be measured in terms of the impact they make on communities.

“Coulby Newham has been under-invested for a number of years. The partners are looking forward to implementing strategies that will bring employment opportunities, better social engagement and sustainable energy strategies to this asset.”

Mr Bowden adds that the latest instruction brings the total size of Knight Frank’s retail portfolio under management from its Newcastle office to 1 million sq ft.

“I think it is excellent news for the region that this new joint venture has chosen Coulby Newham for its first investment. Parkway Shopping Centre plays a key role in the wider Coulby Newham community and we all look forward to improving the development.”

Ends

This was posted in Bdaily's Members' News section by Knight Frank .